JULY 17, 1780 – BANK OF PENNSYLVANIA ESTABLISHED

1780 – BANK OF PENNSYLVANIA ESTABLISHED
Quakers or Friends (short names for members of the Religious Society of Friends) first introduced public banking in America with the creation of this state-owned bank, which issued its own paper scrip that it lent to farmers. Residents paid no income taxes. There was no government debt and no inflation. The state prospered.